Biogen Shares Explode on Talks that Company is to be Bought by Samsung

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In a deal valued at potentially over $40 billion, rumors surfaced that Biogen may be acquired by Samsung.

Shares of the U.S. based drug maker soared 8.9% in afternoon trading on Wednesday after the Korea Economic Daily reported that Biogen is in talks to be acquired by South Korea-based conglomerate Samsung Group.

Citing investment banking sources, the report said Biogen had approached Samsung about a deal to sell its shares, in a deal valued at more than 50 trillion won. This equates to about $42 billion.

When asked about the Samsung buyout talks, a Biogen spokesperson said the company does not comment on market rumors or speculation.

It was in 2011 that Samsung and Biogen had agreed to form a joint venture to develop bio-pharmaceuticals.

On Thursday Samsung BioLogics (207940.KS) denied a media report that said the South Korean firm was in talks to buy the drug maker. No other details were provided according to the Reuters report.

Samsung Group had said earlier this year it will invest 240 trillion won ($206 billion) in the next three years to expand its footprin

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.

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